Brazilian Real (BRL) up 7c against the dollar at R$2.23. I don’t usually highlight currencies in the trading posts, but hey…my blog and I’ll change the rules if I want. Some smartypants TA guy (you know who you are) swears the Real’s next stop is 2.12. Who am I to argue?
Fortuna Silver (FVI.v) UNCH at $1.03. I sold my trading block today as planned. It was tempting to hold on, as the whole PM complex is still pointing higher, but a plan is a plan and the 20%+ win has been booked. Cut it, print it, that’s a wrap.
ECU Silver (ECU.to) down 8% at $0.46 and was down even further earlier on very strong volume. Oh my, did the world just find out that the $8m spent on a little 500tpd plant isn’t the Holy Grail? Strip away the negativity from my recent post and the positive spin from today’s ECU PR here and the message is really very much the same. Don’t say I didn’t warn you about those who predicted “meaningful cash flow” (or whatever phrase Wistar used in his January clients’ letter) from this new acquisition. Are we allowed to wonder out loud why the company lent its managers $800,000 in 2008 at 3% interest rates and no fixed payback period and then diluted the shareholders? Would it be ethical to note the facts about this stock? After all, nobody else ever does…….
Vena Resources (VEM.to) up 22% at $0.22. Hey, isn’t this the stock I highlighted at $0.16 recently? Sheer luck you know……..
Cosan (CZZ) down 4.9% at $2.52 and a dose of Viagra needed. Well, this one has me stumped today. With the pop in sugar and the nice recent upside in crude oil I really thought it would have a good day today. BofA hangover perhaps, but I really don’t know. Still holding and still in the plus column, but I need to look more carefully for my mistake. Errar humanum est.